Bitcoin's pullback is over, and the next target is $70,000.
Bitcoin did not fall below the support level in the end. When I woke up overnight, the price returned to $67,000. The price is still the same, but many people's positions are gone.
Fear is because you can't judge the trend. When you can distinguish between bulls and bears, you won't be so panicked when judging the trend.
Bitcoin closed a hammer line near the support level yesterday, and it was still large in volume, which shows that the support below is very strong. The hammer line is a stop-loss signal, which means that this short-term pullback is over.
Two days ago, it came to the pressure level formed by the intensive trading area of 67,000-72,000 US dollars in front of the daily level, triggering a wave of pullbacks. As long as this wave of pullbacks does not break the previous bottom, it means that the mid-line level is still very strong.
Recently, I also saw that the German government was selling Bitcoin every day some time ago, but how much did the price of Bitcoin fall?
How much did the current Mentougou compensation incident cause Bitcoin to fall?
If it is a bear market, or when the bear market turns to bull market, such an event may cause the market to fall sharply, but it is a bull market now, and the market will tolerate everything and digest everything.
I have analyzed in the previous article that it is normal for Bitcoin to fluctuate between 60,000 and 73,000 US dollars. Even if it falls below 60,000 for a short time, it will soon close. Such a strong trend is not a sign of a big drop.
The market has always been simple, but the human heart is complicated.
This callback is accumulating power, and it is heading for the next breakthrough of 70,000 US dollars. The trend of the market is already very obvious.
The market fluctuates back and forth, and now there are many self-media opinions on the market trend, which makes people who originally made the correct judgment have emotional fluctuations, resulting in the market rising as a bull market, and the market slightly falling back as a bear market.
It is really tiring to trade in this way, and you can't make money. If the general trend is judged correctly, the direction will be determined, and then you just need to execute it according to the specified trading strategy, so that you can finally reach the top of the mountain and see the charming scenery.
The above analysis only represents personal opinions and does not constitute any investment advice.
